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Section 54F Exemption allowed on Land Purchased Beyond 2 Years for Residential House Construction
Case Law Details
- Case Name
- Viral Rajendra Patel Vs PCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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Viral Rajendra Patel Vs PCIT (ITAT Ahmedabad)
Section 54F Exemption allowed even if land is purchased (for construction of a new residential house) beyond 2 years from the date of sale of Asset
Summary: In the case of Viral Rajendra Patel vs. PCIT (ITAT Ahmedabad), the Tribunal dealt with an appeal against a revisionary order passed under Section 263 of the Income Tax Act, 1961. The Principal Commissioner of Income Tax (PCIT) had deemed the original assessment order for Assessment Year 2018-19 erroneous and prejudicial to the interests of the Revenue. The contention centered ...
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